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Author Topic: A quick analysis of BitCoin's biggest marketplace, BitMit  (Read 1400 times)
samgeneric
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March 22, 2013, 12:31:19 AM
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Hey guys, I just put together an list of BitMit's best selling products. Just as kind of a point of interest.

I'm part owner in CoinPost.com a site that is a competitor with BitMit, so this is obviously not selfless. But I thought it was something the BTC community would want to see nevertheless, especially as Bitcoins are on the rise. Despite a lot of BTC investors being pretty flush with cash at the moment, I think you'll be surprised at how shallow the marketplace for goods is.

http://www.reddit.com/r/Bitcoin/comments/1aro1k/bitmits_most_lucrative_product_sellers_how_you/
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March 22, 2013, 12:36:18 AM
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#2 Sad

I think you could better describe my offerings as "Arduinos, gadgets, flashlights etc". I haven't sold that many glasses, and very few hats. Many Arduino boards and flashlights though.

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March 22, 2013, 12:36:53 AM
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BitCoin's biggest marketplace
Citation please?
grue
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March 22, 2013, 12:40:09 AM
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BitCoin's biggest marketplace
that's silkroad

It is pitch black. You are likely to be eaten by a grue.

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March 22, 2013, 12:49:45 AM
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Oh, and I've had more than 300 transactions on Bitmit by myself, so the total number is a lot higher than that. If you add together the feedback scores of all the sellers you listed, and added something like 50%, I think that would give you a more correct idea about the number of transactions. If you were a Bitmit user, you could also look at the internal order numbers.

samgeneric
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March 22, 2013, 01:08:01 AM
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Oh, and I've had more than 300 transactions on Bitmit by myself, so the total number is a lot higher than that. If you add together the feedback scores of all the sellers you listed, and added something like 50%, I think that would give you a more correct idea about the number of transactions. If you were a Bitmit user, you could also look at the internal order numbers.
Did that. The total amount of feedback is probably around 1400-1500. I am looking at positive feedback numbers, so I'm getting an approximation. If you've sold 300ish items, that means that your seller feedback represents about 2/3 of what you've sold since you ahve abotu 200 pieces of user feedback. So if that's the case, and that's consistent accross users, that means that this analysis is abotu 50% off, which still puts the total number of transactions on the site at between 450 and 1050, which is a big range and a higher number, but still a tiny number of transactions that have been facilitated.
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March 22, 2013, 01:14:21 AM
 #7

BitMit is miles ahead of ebay when it comes to selling something.

I love knowing that I will be able to keep my money after I get it.

http://www.bitpools.com
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samgeneric
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March 22, 2013, 01:28:57 AM
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Quote
BitCoin's biggest marketplace
Citation please?
This is a small community. For product, I think it's pretty hard to dispute that BitMit is the biggest right now. If you know of one bigger, please share.

EDIT: Oh, yes, SilkRoad is probably bigger. But at the moment it's underground. I hate to qualify my statement, but I will anyhow. BitMit is the biggest, closest-thing-to-a-white-market that BitCoin has.
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March 22, 2013, 02:16:55 AM
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Quote
BitCoin's biggest marketplace
Citation please?
This is a small community. For product, I think it's pretty hard to dispute that BitMit is the biggest right now. If you know of one bigger, please share.

EDIT: Oh, yes, SilkRoad is probably bigger. But at the moment it's underground. I hate to qualify my statement, but I will anyhow. BitMit is the biggest, closest-thing-to-a-white-market that BitCoin has.
so can the OP stop saying it's the biggest market? just because it's "underground" doesn't mean it doesn't exist.

It is pitch black. You are likely to be eaten by a grue.

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robamichael
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March 22, 2013, 02:29:26 AM
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Lucky number 21 right here.

samgeneric
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March 22, 2013, 03:11:54 AM
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Quote
BitCoin's biggest marketplace
Citation please?
This is a small community. For product, I think it's pretty hard to dispute that BitMit is the biggest right now. If you know of one bigger, please share.

EDIT: Oh, yes, SilkRoad is probably bigger. But at the moment it's underground. I hate to qualify my statement, but I will anyhow. BitMit is the biggest, closest-thing-to-a-white-market that BitCoin has.
so can the OP stop saying it's the biggest market? just because it's "underground" doesn't mean it doesn't exist.
Man, offended easily? Whether it's the biggest market or not is not relevant to the point.

Alas, I will put my giant ego aside and concede that BitMit is not the biggest market. Silkroad (probably) carries the day.
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March 22, 2013, 03:23:24 AM
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Man, offended easily? Whether it's the biggest market or not is not relevant to the point.
to be fair, it IS your title  Undecided
Quote
BitCoin's biggest marketplace, BitMit

It is pitch black. You are likely to be eaten by a grue.

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March 22, 2013, 11:47:53 AM
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Oh, and I've had more than 300 transactions on Bitmit by myself, so the total number is a lot higher than that. If you add together the feedback scores of all the sellers you listed, and added something like 50%, I think that would give you a more correct idea about the number of transactions. If you were a Bitmit user, you could also look at the internal order numbers.
Did that. The total amount of feedback is probably around 1400-1500. I am looking at positive feedback numbers, so I'm getting an approximation. If you've sold 300ish items, that means that your seller feedback represents about 2/3 of what you've sold since you ahve abotu 200 pieces of user feedback. So if that's the case, and that's consistent accross users, that means that this analysis is abotu 50% off, which still puts the total number of transactions on the site at between 450 and 1050, which is a big range and a higher number, but still a tiny number of transactions that have been facilitated.
How did you come up with the numbers 450-1050? Like I said, I have personally made more than 300 transactions. "Steamgames" has a feedback score of 400, so between the two of us that's at least 700 (and more probable, 900) transactions. If you just added together the feedback scores like you say you did, you should get a total feedback number around 1000 for sellers. Add 50% to that since not all buyers give feedback, and you have a total number of 1500 transactions.

glitch003
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March 22, 2013, 12:33:42 PM
 #14

Quote
BitCoin's biggest marketplace
Citation please?
This is a small community. For product, I think it's pretty hard to dispute that BitMit is the biggest right now. If you know of one bigger, please share.

EDIT: Oh, yes, SilkRoad is probably bigger. But at the moment it's underground. I hate to qualify my statement, but I will anyhow. BitMit is the biggest, closest-thing-to-a-white-market that BitCoin has.

bitcoinstore.com has sold over $288,000 worth of stuff so far and it hasn't even been out that long.  Unless you can provide some form of documentation that BitMit sells more than that, I'm gonna have to go with the idea that bitcoinstore.com is "bigger" than bitmit.  So it's not just Silk Road that's "bigger."
samgeneric
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March 22, 2013, 10:13:37 PM
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Oh, and I've had more than 300 transactions on Bitmit by myself, so the total number is a lot higher than that. If you add together the feedback scores of all the sellers you listed, and added something like 50%, I think that would give you a more correct idea about the number of transactions. If you were a Bitmit user, you could also look at the internal order numbers.
Did that. The total amount of feedback is probably around 1400-1500. I am looking at positive feedback numbers, so I'm getting an approximation. If you've sold 300ish items, that means that your seller feedback represents about 2/3 of what you've sold since you ahve abotu 200 pieces of user feedback. So if that's the case, and that's consistent accross users, that means that this analysis is abotu 50% off, which still puts the total number of transactions on the site at between 450 and 1050, which is a big range and a higher number, but still a tiny number of transactions that have been facilitated.
How did you come up with the numbers 450-1050? Like I said, I have personally made more than 300 transactions. "Steamgames" has a feedback score of 400, so between the two of us that's at least 700 (and more probable, 900) transactions. If you just added together the feedback scores like you say you did, you should get a total feedback number around 1000 for sellers. Add 50% to that since not all buyers give feedback, and you have a total number of 1500 transactions.
Sorry, you're right. It puts the number of transactions on the site at around 1500. Still very low. You, SteamGames and madphysicist actually represent something like 45% of all user feedback which probably means you represent something like that number of actual transactions. The top 25 users actually respresent 80% of all user feedback on bitmit.
samgeneric
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March 22, 2013, 10:29:33 PM
 #16

Quote
BitCoin's biggest marketplace
Citation please?
This is a small community. For product, I think it's pretty hard to dispute that BitMit is the biggest right now. If you know of one bigger, please share.

EDIT: Oh, yes, SilkRoad is probably bigger. But at the moment it's underground. I hate to qualify my statement, but I will anyhow. BitMit is the biggest, closest-thing-to-a-white-market that BitCoin has.

bitcoinstore.com has sold over $288,000 worth of stuff so far and it hasn't even been out that long.  Unless you can provide some form of documentation that BitMit sells more than that, I'm gonna have to go with the idea that bitcoinstore.com is "bigger" than bitmit.  So it's not just Silk Road that's "bigger."
Again, really not the point. this isn't a ranking contest, just a very simple analysis of one of the big, well-known btc markets.
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